Do you want to get your money back from the Coinbase ETH-USDT liquidity mining scam? You’ve come to the right place.
Some would-be investors are drawn in by the constant hype around cryptocurrency trading and the huge sums of digital riches some people have amassed (and squandered) there. However, the complexity of cryptocurrencies and the decentralized finance (DeFi) schemes built on top of them has also created a space where criminals can entice victims, using the complexity as a cover for phony apps, malicious contracts, and other schemes that trick the victims into handing over more and more money while making them believe they’re on the path to wealth.
Most victims ponder how to recover their money. Should I call the police and report it? Should I seek legal advice? Should I call my bank? Should I hire a specialist to help me recover my funds?
Read on to discover the options you have to get your money back from Coinbase ETH-USDT liquidity mining scams.
How Does the Coinbase ETH-USDT Liquidity Mining Scam Work?
Recruiters from Twitter, Facebook, Telegram, Instagram, or other online social media platforms frequently assist in the execution of this scam. It is particularly prevalent on websites or in forums where bitcoin is discussed because experienced traders or newcomers are easy prey. The recruiter suggests signing up for a “mining pool” as a way to receive consistent interest akin to that of a savings account. The USDT (Tether) cryptocurrency must be kept by users in a wallet app.
Typically, the more profits a person is informed they will make, the more money they have to invest. Due to the lack of security alerts, while inputting URLs into its built-in Dapp browser, the Coinbase Wallet app is one of, if not the most popular wallet for this method. The mining pool will request that the user click a button to join the mining pool when they enter the given URL (provided by the scammer) into a Wallet application. This option will either charge a “service fee” or a “network fee.”
The user might not be aware that by clicking the link, a smart contract will be established with the scammer. The user might be required to pay an initial “service fee” and ongoing minor costs (like $1) indefinitely. Or, the entire contents are immediately seized.
READ: How to Get Your Money Back from TDtrade.ca
Victims won’t be completely informed about the true nature of the smart contract they just signed. Usually, a person will think that this mining strategy is genuinely profitable for them. They will therefore increase their investments. Then one day, they will discover that all of their USDT has vanished. Scammers can steal USDT at any time after the smart contract is launched, but they may choose to wait until someone has invested a substantial sum of money in USDT.
Some of these mining user interfaces even have built-in chat functions that make it appear as though you are conversing with the wallet’s customer service. The other end is a scammer.
The worst part of this fraud is that attempting to retrieve funds by speaking with the wallet’s actual customer service (which might not have an integrated chat) rarely results in success. And to make matters worse, there are a lot of scammers on Facebook, Twitter, and Instagram who falsely claim to be able to recover money from wallets. Do not put your faith in these scammers.
How to Get Your Money Back from Coinbase ETH-USDT Liquidity Mining Scams
Inform the Police
Anyone who has deceived you should be reported to your local police department or your country’s intelligence agency, such as the FBI or Action Fraud UK. However, unless you have the offender’s genuine identity or IP address, authorities cannot take any action. Without it, the police lack the technological know-how and time necessary to “dust for digital fingerprints” in specific cases of cyber fraud, particularly if the con artist is located abroad.
Police are overwhelmed by the sheer volume of cyber fraud and are unable to keep up. So, telling the police about scammers is mostly for public awareness and probably won’t help you get your money back from scams.
Consult Your Bank
If you paid the scammers with a credit card within the past six months or with cryptocurrency, speaking with your bank or the platform where the money was received or stolen is beneficial. Then, if it was a bank transfer, your bank may execute a straightforward chargeback. This is fantastic news since it can mean that you get your money back.
The news is not as good, though, if you paid the scammers using a wire transfer or, worse, cryptocurrencies. In that instance, the bank’s ability to help you recover money from fraud is limited. Especially when scammers are in another country, they don’t have the technical skills to find out where your money went.
READ: How to Get Your Money Back from Aurora-Coins
Hire a Professional Cyber Fraud Investigator
Hiring a specialized cyber fraud investigator is by far your best option when it comes to spotting scammers. They possess the necessary technical investigative skills and analytic knowledge to look into potential scammers. Experienced detectives can carry out the necessary technical cyber investigations that span the entire world using website forensics, cryptocurrency tracking, and crypto-asset analysis.
You can then approach the police, your attorney, or an asset recovery business armed with their comprehensive investigative report. They will use this report to assist you in recovering money from scammers after they get vital information, such as the scammer’s name or IP address. Since this is not a cheap process and will cost you more money, you should think about whether your loss is worth it.
Global Assets Refund LLC comprises a team of professionals with expertise in recovering lost cryptocurrency or bitcoin funds. We are well-versed in cooperating with law enforcement in this process and have a proven track record of doing so.
Did you lose your money to a cryptocurrency scam? It’s still possible to get your money back. Your chances of recovering your money from the Coinbase ETH-USDT liquidity mining scam will be improved by our highly successful recovery process and our worldwide consultants. Get in touch with us today to check if you have got a case.